The JSE remained firm by midday on Monday but according to traders was drifting, lacking direction from world markets.
By noon, the all-share index had edged up 0,16%, as industrials increased 0,84%. Banks advanced 0,67% and financials were 0,54% firmer.
However, resources retreated 0.62%, while the gold mining index gave up 0,53% and the platinum mining index pulled back 2,6%.
The rand was bid at 6,82 to the US dollar, from 6,81 when the JSE closed on Friday, while gold was quoted at $737,35 a troy ounce from $737,95/oz at the JSE’s last close.
“The JSE is generally firm. Earlier we saw Asian markets were firmer, but they turned around to close negative and Europe is also currently negative. I can’t say that the JSE is following world markets, but the Dow did close firmer on Friday. We are drifting at the moment, and are not aggressive at all ahead of the US open,” explained a local equities trader.
The US will be celebrating Columbus Day on Monday, but the Nasdaq stock market and the securities exchanges will be open for trading. In Asia, Japanese markets were closed for a national holiday. The Hang Seng lost 0,22%. In the United Kingdom, the FTSE 100 fell 0,16%.
On the JSE’s resources index, London-listed giant Anglo American retreated R3,95 to R463,05, while BHP Billiton climbed R1,55 to R242,50, but petrochemicals group Sasol slipped R3,58, or 1,12%, to R316,52.
Anglo Platinum pulled back R17, or 1,47%, to R1 140, Impala Platinum was down R9,59, or 3,75%, to R246,31 and Lonmin lost R4,23 to R499,70.
AngloGold eased R1,50 to R302 and Harmony dipped 2,44%, or R1,81, to R72,41.
In the industrial sector, brewer SABMiller gained R3, or 1,49%, to R204,50, while retailer Massmart edged up 21 cents to R84,20.
Telecommunications stock MTN Group was R1 better, at R116,80, but Telkom sliced off 50 cents to R177,50.
Banking group Nedbank retreated 20 cents to R134,30, but Standard Bank firmed 1,08%, or R1,20, to R111,95. – I-Net Bridge